Forecast for EUR/USD on December 24, 2020

EUR/USD

The euro gained 23 points on Wednesday, correcting Tuesday's fall. Trading volumes were above average, which may indicate a rapid recovery of long positions. Such a high speculative interest during the Christmas period has not been observed for a very long time. It is a holiday today in Germany and Switzerland, meanwhile, there is a shorter working day in a number of other European countries and in the US. The market is thin, and due to the geopolitical situation, there are good conditions for a strong speculative breakthrough. Almost any reason can be used. It is quite possible to try and make the euro fall towards the target range of 1.1985-1.2042. Of course, there may not be such an attack, but this year, the situation itself has been pushing market players to organize fireworks for the market.

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The daily chart shows that the situation has not changed over the day - the Marlin oscillator also tends to go into the negative zone.

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The four-hour chart shows that the price is trying to break out of the resistance of the MACD line, the Marlin oscillator is still in the downward trend zone, but shows an intention to move into an upward trend. If such a pattern does occur, it will most likely turn out to be false, since there are no fundamental conditions for targeted purchases. Even today, US durable goods orders for November are forecast to rise 0.7%.

In general, we recommend skipping buy signals and waiting for a reverse sell signal.

The material has been provided by InstaForex Company - www.instaforex.com